The fire suppression market is estimated to be worth USD 22.97 billion in 2018 and is projected to reach USD 29.13 billion by 2023, at a CAGR of 4.87% between 2018 and 2023
LONDON, July 26, 2018 /PRNewswire/ -- Fire suppression market to witness significant growth during 2018–2023
The fire suppression market is estimated to be worth USD 22.97 billion in 2018 and is projected to reach USD 29.13 billion by 2023, at a CAGR of 4.87% between 2018 and 2023. The growth of the market is propelled by technological advancements and innovations in the construction industry; increasing policies, regulations, and government mandates; and increased damage to human life and property due to fire breakouts. High installation and maintenance costs of fire suppression systems and the lack of integrity in system interfaces restrain the growth of the fire suppression market.
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Fire suppression market for fire detectors and control panels to grow at highest CAGR during forecast period
The market for fire detectors and control panels is expected to grow at the highest CAGR during the forecast period.Fire detectors and control panels (including smoke, heat, flame, and gas detectors) play an important part of fire safety.
Fire detectors and control panels are especially used in homes for fire detection.As fires spread, the detector initiates the alarm and warns residents, giving them enough time to get to safety.
According to NFPA, a working detector would reduce the chances of fatal fire accidents by 50%.Over 60% of all fire-related deaths happen in the residential space due to the absence of detectors.
These devices typically cost ~USD 15–100 and need to be replaced every 10 years.
Fire suppression clean agents to lead fire suppression market between 2018 and 2023
Fire suppression clean agents are expected to account for the largest share of the fire suppression market during the forecast period.The gaseous suppression system is also known as clean agent suppression system that uses inert gases and chemicals to extinguish fire.
Clean agent fire suppression systems are waterless and deploy immediately without leaving oily residue or water that can damage irreplaceable assets.Clean agent fire suppression systems use a gaseous agent rather than water to diffuse fires to minimize damage from a fire.
These systems are ideal for data centers, manufacturing plants, healthcare offices, chemical storage facilities, museums, IT rooms, etc. These are available in different forms, such as carbon dioxide and FM 200.
Fire suppression market to grow at highest CAGR in RoW during forecast period
The fire suppression market is projected to grow at the highest CAGR in RoW during the forecast period.The African fire sprinkler market has the potential to grow due to the development of power plants.
For instance, the construction of coal-fired Amu Power plant in Kenya, coal-fired power plant in Ghana, gas-fired power station in Ressano Garcia, coal-fired independent power plant in South Africa, and peat-fired power plant in Southern Rwanda drives the installation of fire suppression systems. Further, there are many government initiatives fostering the growth of the fire suppression market in Africa.
The breakup of the profiles of primary participants for the report has been given below.
• By Company Type: Tier 1 – 60%, Tier 2 – 30%, and Tier 3 – 10%
• By Designation: C Level – 45%, D Level –30%, and Others – 25%
• By Region: North America – 40%, Europe – 20%, APAC – 35%, and RoW – 5%
Key players operating in the fire suppression market include Johnson Controls, United Technologies, Robert Bosch, Siemens, Halma, Hochiki, Firefly, Minimax Viking, Honeywell, and S&S Fire Suppression Systems.Key innovators in the market are EMS Security Group, Electro Detectors, Napco Security Technologies, Fike, and Gentex.
Other key players are Noha Norway, Sterling Safety Systems, FireProTec, Fire Suppression Limited, and Encore Fire Protection.
Research Coverage:
The fire suppression market report analyzes and forecasts the market based on suppression reagent, product, sector, and geography.By product, the market has been segmented into fire detectors and control panels; fire sprinklers, nozzles, caps, and control heads; and fire suppressors.
By suppression reagent, the market has been classified into chemical, gaseous, water, and foam.By sector, the market has been segmented into residential, commercial, and industrial.
• By region, the market has been classified into North America, Europe, APAC, and RoW.
Key Benefits of Buying This Report:
Illustrative segmentation, analysis, and forecast for the market based on suppression reagent, product, sector, and geography have been conducted to offer an overall view of the fire suppression market.
The report provides a detailed overview of major drivers, restraints, opportunities, and challenges influencing the growth of the fire suppression market.
The report also includes competitive landscape, along with in-depth analysis and revenue of key players.
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